Here’s how much you need to put in a 529 savings plan every month to send your kids to college debt-free

- Advertisement -

How much you need to save every month to pay for your child’s tuition
- Advertisement -
- Advertisement -
- Advertisement -

Americans owe more than $1.7 trillion in student debt.

And if you’re like many current or prospective parents, you want your kids to go to college without taking on massive loans.

But knowing how much to save and the best way to save it can be a challenging task for new parents already running low on sleep.

If you start early and use the right tools, your small monthly savings can grow into a debt-free college experience for your child.

The first tool you’ll need is a 529 college savings plan. The plans vary but allow you to save money for a child’s future education costs and offer much more than a traditional savings account. The savings from your 529 plan are often tax deductible, can be invested while growing tax-free and have low minimums making it easy to start.

CNBC did the math, and we can tell you exactly how much you will need to save every month to send your child to college without saddling them with student loans. Check out this video for a full breakdown of your savings options and a case study on how much you’ll need to stash away to fully pay for your child’s college education.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Man dies after three stabbed near Tewkesburyon October 5, 2021 at 11:26 pm

Police say a man in his 50s was arrested and they are not looking for anyone else after the attack.

Google may cut pay of staff who work from homeon August 11, 2021 at 11:36 am

The tech giant has developed a calculator that lets staff see the effects of remote working or moving offices.image sourceGetty ImagesGoogle employees in the...

Tim Paine: Australia Test captain steps down over historical investigation into texts sent to colleagueon November 19, 2021 at 6:42 am

Tim Paine steps down as Australia Test captain just before the Ashes over a historical investigation into texts sent to a female colleague.

Watching North Korea from a supersonic fighter jeton January 4, 2022 at 12:02 am

BBC correspondent Laura Bicker reports from a supersonic fighter jet on South Korea’s drive to build up its own war machine.

What now for Valieva – the bright young skater who failed drugs teston February 14, 2022 at 2:47 pm

What might be the impact on 15-year-old Russian figure skater Kamila Valieva, who has tested positive for a banned substance but has been allowed...
Home of Science
Follow me